Category Archive for "Tax Tips"

Can You Claim Tax Losses When Renting to Relatives?

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If you rent property to a relative, you must take care to lock in tax losses. In one U.S. Tax Court case, losses claimed by the taxpayers were disallowed after they rented property to their daughter. This article will explain…

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Li’l Wayne In Trouble With The IRS-Again…

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Hip-hop star Lil Wayne is back in trouble with the Internal Revenue Service. Uncle Sam filed a lien against the recording artist alleging that he owes $868,079.89 in taxes on his 2014 income. This isn’t the first time the IRS…

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April 15th Is Almost Here-Are You Ready?

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Constantly thinking about how much money you owe the Internal Revenue Service? Always worried that you’ll never be able to get out from under this crushing debt? Wondering what effect this debt will have on your future and the future…

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Deducting Home Mortgage Interest in Unusual Circumstances

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Deducting qualified residence interest, or mortgage interest on personal residences, continues to create disputes with the IRS. The rules for the deduction have been around for years and, unlike most types of personal interest, it can be itemized. Qualified residence…

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More on Travel and Entertainment Recordkeeping

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Previously we discussed the importance of recordkeeping to maintain your travel expenses, but there’s certainly more to just keeping records-it’s important to know what records you need to to keep & what your can exempt: Receipt Rules You generally need…

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Strictly Speaking: Travel and Entertainment Recordkeeping

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If you’re reporting travel and entertainment (T&E) expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. Often the challenge won’t be whether the expense was appropriate for…

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How to Tackle Key Financial Issues as You Face Retirement

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The Baby Boomer generation reached its peak in 1957 at an annual birth rate of about 4.3 million people. It’s hard to believe that these Baby Boomers will turn 59 years old in 2016. An important rite of passage that…

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Tax Tip for February 1st: File Early & Avoid Identity Theft

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File early to avoid tax identity theft If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even…

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